mortgage

Mortgage rates for May 16, 2013

 

I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.

Mortgage rates jumped for a second straight week, as the suddenly glass-half-full economic sentiment continues to push bond yields and mortgage rates higher. Mortgage rates are closely related to long-term government bond yields. The benchmark 30-year fixed mortgage rate climbed to 3.71 percent, the highest since early April.

The average 15-year fixed mortgage rate increased to 2.92 percent. Adjustable rate mortgages were also higher, with the popular 5-year ARM rising to 2.68 percent and the 10-year adjustable now at 3.22 percent.

Mortgage rates have been in a narrow range for months, with the 30-year fixed-rate mortgage fluctuating within a 1/3 percentage point range since December. That's in tune with the not-too-hot, not-too-cold economic performance.

No matter which way mortgage rates are moving, be sure you're shopping around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

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